Anil Singhvi strategy December 29: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 21,650-21,675 levels and a strong buy zone at 21,500-21,600 levels on Friday, December 29, the last trading session of the year. For the Nifty Bank, he expects support at 48,200-48,350 levels and a strong buy zone in the 48,000-48,150 range.

Here's how Anil Singhvi sums up the market setup:

• Global: Positive

• FII: Positive

• DII: Neutral

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

Singhvi expects a higher zone in the Nifty50 at 21,800 and a blue-sky zone above 21,825. For the banking index, he sees a higher zone emerging at 48,625 and a blue-sky zone above 48,700. 

ANIL SINGHVI MARKET STRATEGY 

• FII index longs at 70 per cent vs 63 per cent the previous day
• Nifty put-call ratio (PCR) at 1.30 vs 1.43
• Nifty Bank PCR at 1.07 vs 1.36
• Volatility index India VIX down three per cent at 15.14

The market wizard expects Dalal Street to be in a holiday mode amid mixed domestic and global signals. He sees the Nifty and the Nifty Bank staging fresh breakouts above 21,825 and 48,700 levels, respectively.

Singhvi is of the view that any moves below 21,650 and 48,275 should be considered the first sign of weakness in the market.

For existing long positions:

• Nifty intraday stop loss at 21,650 and closing stop loss at 21,500

• Nifty Bank intraday stop loss at 48,275 and closing stop loss at 48,000

For existing short positions:

• Nifty intraday and closing stop loss at 21,825

• Nifty Bank intraday and closing stop loss at 48,700

For new positions in Nifty:

• The best range to buy Nifty is 21,600-21,675 with a stop loss at 21,500 for targets of 21,775 and 21,800; above 21,825, one may keep a trailing stop loss and hold for a higher target

• Aggressive traders can sell Nifty if it breaks below 21,650; keep a strict stop loss at 21,800 for targets of 21,600, 21,500, 21,450 and 21,425

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 48,075-48,275 with a stop loss at 47,900 for targets of 48,350, 48,500 and 48,625; above 48,700, keep a trailing stop loss and hold for a higher target

• Aggressive traders sell Nifty Bank if it breaks below 48,275 with a strict stop loss at 48,525 for targets of 48,200, 48,150, 48,075, 48,000, 47,850 and 47,725

January F&O series outlook

• In past five years, Nifty has weakened by 1-2 per cent in the January series 
• In seven out of  10 years, Nifty50 has finished Janaury series lower
• Nifty Bank looking better
• FII long positions heavy at the beginning of the series, at 70 per cent 
• Nifty rollovers more than sufficient 
• January series expected to be a mixed bag after two back-to-back positive series
• One may book profit at higher levels
• Dalal Street to give an opportunity to buy ahead of the presentation of Budget in Parliament

#EditorsTake : अनिल सिंघवी ने क्यों कहा- ऊपर में फंसना नहीं है?

January Series में कैसी रहेगी बाजार की चाल?

जनवरी सीरीज कैसी रहने का ट्रेंड?

जनवरी सीरीज में क्यों रहें थोड़ा Cautious?

जानिए @AnilSinghvi_ से...#StockMarket #TradingView #AnilSinghvi #January

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— Zee Business (@ZeeBusiness) December 29, 2023

F&O ban update

• New In ban: Hindustan Copper

• Out of ban: RBL Bank, NALCO

Stocks of the day

Buy Venus Pipes shares with a stop loss at Rs 1,340 for targets of Rs 1,375, Rs 1,390 and Rs 1,400

• The company is on a strong growth path in stainless steel pipes
• DAM capital has initiated coverage with a 'buy' rating and a target of Rs 1,810

Sell HPCL shares in the cash segment for targets of Rs 409, Rs 403 and Rs 390 with a stop loss at Rs 427 

• A big cut is expected in petrol prices 

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